Tiedemann and Alvarium merge with SPAC as AUM’s $ 1.4 billion entry to Nasdaq
The Tiedemann group, Alvarium Investments Ltd. and Cartesian Growth Corp., a Special Purpose Acquisition Company (SPAC), have agreed to merge as Alvarium Tiedemann Holdings, an independent New York-based global investment firm, the companies recently announced in a Press release.
The new entity is expected to have a transaction net worth of approximately $ 1.4 billion and will oversee $ 54 billion in assets under management (AUM) and planned assets under advice (AUA) on behalf of families and clients. institutions around the world.
Following the closing of the transaction, which is expected to close in the first quarter of 2022, the common shares of Alvarium Tiedemann will be listed on the Nasdaq under the symbol GLBL.
Michael Tiedemann, CEO of the Tiedemann Group, will be CEO of Alvarium Tiedemann.
âAlvarium brings a culture of entrepreneurship and a wide range of global capabilities and expertise that will complement our existing customer experience,â he said in the press release. âI believe the combination of talent and geographic reach with Cartesian’s access to capital will provide the permanence needed to continue to grow and evolve a dynamic investment platform. “
Alvarium CEO Alexander de Meyer, who will chair Alvarium Tiedemann’s executive committee, said there was a chemistry between the executives of the two companies from their very first meeting.
“When we were introduced to Tiedemann, we were immediately struck by the complementarity of the companies, from the investment philosophy to customer service and company culture,” he said in the press release. âThis alignment has made Tiedemann an optimal partner as we seek to expand our global presence, particularly in the United States. “
âWe are delighted to introduce Alvarium Tiedemann to the public market,â said Peter Yu, Chairman and CEO of Cartesian, in the press release. âI see this combination as creating a powerful, unified ecosystem of capabilities that will serve a multi-generational customer base while maintaining independence. It’s a perfect fit both strategically and culturally, with a robust infrastructure positioned for accelerated growth and innovation. “
The merger, which was unanimously approved by the boards of directors of the three companies, will be funded through a combination of Cartesian’s $ 345 million in cash in trust and approximately $ 165 million in outstanding commitments. capital pledged by institutional investors and strategic partners of Alvarium and the Tiedemann group. More than 96% of the equity held by active operating partners is expected to flow into the new company, with all of the proceeds of the transaction to be used for capital structure optimization.
Piper Sandler & Co. acts as financial advisor to the Tiedemann group and Seward & Kissel LLP as legal advisor.
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